Business
SANUWAVE Health Reports Full Year 2019 Financial Results
COVID-19 Related Business Update SUWANEE, GA, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SANUWAVE Health, Inc. (OTCQB: SNWV) reported financial
About this update from Sanuwave Health, Inc.
[{"type":"text","content":"COVID-19 Related Business Update\n SUWANEE, GA, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SANUWAVE Health, Inc. (OTCQB: SNWV) reported financial results for the year ended December 31, 2019 with the SEC on Monday, March 30, 2020. The Company will also host a conference call today, March 31, 2020, at 9:00 a.m. Eastern Time. Highlights from the fourth quarter: Added Dr. Tom Price to the Board of Directors.Brazil Joint Venture signed and funded, although not recognized in 2019 revenue.Raised $5 million in capital through an institutional equity raise completed in December 2019 with a follow on completed in February of this year.Finished calendar year 2019 with 110 shipped devices, and currently have placed over 130.Over 450 patients treated and over 3,000 treatments performed.Over 250 clinicians certified to use and treat with the dermaPACE System.Ametus sales force trained and initial roll out began.GCC roll out initiated with first shipments and treatments in Oman.5 additional US patents and 1 European patent (8 countries) issued or pending since July 1, 2019. “SANUWAVE’s focus during 2019 remained on placing devices with qualified clinicians in fifteen target states. The buzz around our device is growing through our expanded presence at tradeshows, the addition of new hires, multiple published articles, and an increased social media footprint. Our most important expansion is through word of mouth from industry professionals to each other about how great and successful the device is in treating DFU’s. We were set for 2020 to be our year of revenue break out, and ultimately reaching profitability. Due to the impact from the COVID-19 virus, we will continue to treat patients and build our backlog of future installations. Revenue fell short of our stated goal in the fourth quarter due to how we recognized exclusivity fees from the Brazil Joint Venture and from a conservative approach to payments based on claims data from our dermaPACE customers. We will discuss this in further detail during our conference call, but the cash from Brazil did come in and is non-refundable, we just could not recognize it in the quarter,” stated Kevin Richardson, CEO. COVID-19 Business Update Our top priority is the safety and well being of our employees, along with the clinicians and medical communities they serve. We have implemented a wor...